Macro Summary
The Buffer ETF landscape continues its rapid expansion, currently comprising 487 ETFs across 19 distinct issuers, managing a combined AUM of $88B. Investor appetite remains exceptionally strong, with the category attracting $1.05B in net inflows over the past week alone, pushing the year-to-date total to an impressive $5.80B.
Looking at the longer-term trend, the channel has accumulated $13.62B in total flows over the past year, reflecting sustained momentum as investors increasingly seek downside protection strategies. This growth is being met with relentless product innovation, evidenced by the 25 new Buffer ETFs launched in just the last three months.
Performance
Performance across the Buffer ETF landscape remains highly idiosyncratic, heavily dictated by the underlying asset class. For the week-to-date period, Equity: U.S. Large Cap – Growth led the pack with a robust 6.72% return. Conversely, Fixed Income: Taxable – Government Long trailed, producing the weakest positive return at just 0.71% for the week.
To dive deeper into the historical risk-adjusted returns and see how specific Buffer ETFs are performing relative to their benchmarks, please check out the full, free Performance Report in the right-side panel.
Flows
Buffer – Equity completely dominated asset class flows, raking in $1,045M this past week. As is typical during a reset month, the Buffer Reset: April implementation period was the most active outcome period, gathering $880M. Looking at individual funds, FAPR (FT Vest U.S. Equity Buffer ETF – April) was the undisputed flow leader, securing a massive $601M.
Flows by Asset Class
| Asset Class | # of Funds | AUM | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|---|---|
| Buffer – Commodity | 1 | $52M | ($1M) | $2M | ($3M) | ($2M) | ($10M) |
| Buffer – Crypto | 20 | $190M | ($1M) | $3M | ($4M) | ($2M) | $74M |
| Buffer – Equity | 431 | $86,918M | $1,045M | $2,270M | $4,777M | $5,577M | $13,182M |
| Buffer – Fixed Income | 2 | $31M | $0M | $0M | $0M | ($2M) | ($35M) |
| Buffer – Synthetic Income | 18 | $680M | $0M | ($2M) | $61M | $109M | $290M |
| Grand Total | 472 | $87,872M | $1,044M | $2,274M | $4,831M | $5,681M | $13,502M |
Flows by Implementation (Outcome Period)
| Implementation | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Inflows | |||||
| Buffer Reset: April | $880M | $1,033M | $918M | $870M | $913M |
| Buffer Reset: Laddered | $95M | $410M | $1,052M | $1,271M | $3,353M |
| Buffer Reset: Quarterly | $39M | $241M | $905M | $974M | $2,616M |
| Outflows | |||||
| Buffer Reset: October | ($36M) | ($67M) | ($161M) | ($304M) | $842M |
| Buffer Reset: December | ($14M) | $116M | $309M | $515M | $442M |
| Buffer Reset: June | ($6M) | $131M | $34M | ($42M) | $81M |
Individual Fund Flows (WTD)
| Ticker | Fund Name | WTD Flow |
|---|---|---|
| Top 5 Inflows | ||
| FAPR | FT Vest U.S. Equity Buffer ETF – April | $601M |
| GAPR | FT Vest U.S. Equity Moderate Buffer Fund – Apr | $109M |
| DAPR | FT Vest U.S. Equity Deep Buffer ETF – April | $106M |
| SFLR | Innovator Equity Managed Floor ETF | $20M |
| QCAP | FT Vest Nasdaq-100 Conservative Buffer ETF – April | $17M |
| Top 5 Outflows | ||
| GOCT | FT Vest U.S. Equity Moderate Buffer ETF – October | ($18M) |
| GDEC | FT Vest U.S. Equity Moderate Buffer ETF – December | ($16M) |
| TWOX | iShares Large Cap Accelerated Outcome ETF | ($7M) |
| DDEC | FT Vest US Equity Deep Buffer ETF – December | ($6M) |
| FJUL | FT Vest U.S. Equity Buffer ETF – July | ($6M) |
League Tables
The competitive landscape is heavily consolidated at the top. FT Vest leads with an AUM of $42.81B and commanded the lion’s share of recent activity, bringing in $861M over the past week. Innovator follows as the second-largest issuer with $32.39B in assets, picking up a solid $125M in weekly flows.
Top 5 Issuers by AUM
| Issuer | # of ETFs | AUM | Market Share |
|---|---|---|---|
| FT Vest | 121 | $42.81B | 48.63% |
| Innovator | 168 | $32.39B | 36.79% |
| Allianz | 58 | $5.40B | 6.13% |
| AB Funds | 3 | $1.54B | 1.75% |
| Pacer | 13 | $1.27B | 1.45% |
Issuer Flows (WTD)
| Issuer | WTD Flow | 1M Flow | 3M Flow | YTD Flow | 1Y Flow |
|---|---|---|---|---|---|
| Inflows | |||||
| FT Vest | $861M | $1,450M | $2.59B | $2.78B | $6.05B |
| Innovator | $125M | $579M | $1.43B | $1.81B | $4.52B |
| PGIM | $45M | $98M | $0.23B | $0.30B | $0.66B |
| Outflows | |||||
| iShares | -$13M | $51M | $0.07B | $0.12B | $0.28B |
| Calamos | -$4M | $12M | $0.02B | $0.01B | $0.10B |
| TrueShares | -$4M | $59M | $0.08B | $0.09B | $0.19B |
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Disclosures
This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
